NSE: KRISHNADEF
KRISHNA DEF AND ALD IND L
Manufactures naval and defence-grade special steel products — bulb bars for naval applications, low-magnetic-permeability ballast bricks for submarines, armoured steel profiles (now 26 variants for T-90 tanks), and special steel alloy welding wires/electrodes. Operates from a 150,000 sq ft Halol, Gujarat facility, where bulb bar capacity was doubled in April 2025; an additional 50,000 sq ft adjoining plot has been acquired for further expansion. Customers include the Indian Navy, DRDO, HVF Chennai (T-90 tank programme), and the Ministry of Defence, which awarded a Rs 20 crore order for Special Steel Products in August 2026. Beyond the core steel range, new product lines under development include AUVs with the Navy/DRDO, aircraft arresting gear, smart ammunition (Taharabadkar), and composite doors through the VABO JV; the company also holds 20% in Conceptia (ship/submarine design) and 40% in Waveoptix (RF-optical fibre). The largest cost line is materials at 35.2% of revenue, followed by other operating expenses at 19.1% and employees at 8.3%, with depreciation at 1.7%. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Naval bulb bars, Special steel alloy welding wires and electrodes, Submarine ballast bricks, Armoured steel profiles, Improved space heating devices, New defence products (under development). Defence manufacturer focused on naval-grade special steel with emerging new-product pipeline in unmanned and allied defence systems
Exhibit 1: Financial summary, FY25–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY25 | FY26 |
|---|---|---|
| Revenue | 195 | 245 |
| EBITDA (ex other income) | — | 52 |
| margin % | — | 21.3 |
| Owners' profit | — | 41 |
| EPS, as reported (₹) | 15.82 | 28.12 |
| ROE % · ROCE % | — · 23.2 | 21.3 · 26.3 |
| Debt / equity (x) | — | 0.01 |
| Cash from operations | (11) | 86 |
| Capex | (13) | 0 |
Exhibit 2: Quarterly performance, last 5 quarters
| ₹ crore | Q4 FY25 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|
| Revenue | 101 | 120 | 64 | 65 | 58 |
| Profit before tax | 15 | 21 | 13 | 17 | 15 |
| Net profit | — | — | 10 | 13 | 11 |
| EPS (₹) | 8.12 | 12.71 | 6.78 | 8.61 | 7.66 |
Exhibit 3: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| HINDUSTAN AERONAUTICS LTD | 3,24,358 | 34.8 | 7.90 | 23.8 | 22.2 | 13.7 | 7.8 | 44.0 |
| BHARAT ELECTRONICS LTD | 2,66,259 | 43.4 | 11.09 | 30.7 | 25.3 | 31.9 | 14.4 | 28.1 |
| BHARAT DYNAMICS LIMITED | 36,381 | 69.8 | 8.58 | — | 9.9 | 7.2 | — | 32.6 |
| DATA PATTERNS INDIA LTD | 22,316 | 83.3 | 12.86 | — | 15.6 | 20.3 | — | 33.3 |
| GARDEN REACH SHIP&ENG LTD | 21,752 | 27.2 | 8.28 | — | 28.5 | 36.2 | — | 13.7 |
| APOLLO MICRO SYSTEMS LTD | 15,340 | 119.3 | 11.73 | 70.3 | 8.2 | 10.4 | 34.8 | 22.3 |
| ASTRA MICROWAVE LTD | 14,940 | 79.0 | 11.36 | 42.7 | 14.7 | 17.2 | 12.7 | 20.1 |
| AEQUS LIMITED | 14,225 | — | 9.58 | 90.4 | (7.6) | (3.8) | — | 5.4 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 32.3 | 69.8 | 5 of 23 | 82% |
| P/B | 8.9 | 9.6 | 11 of 23 | 55% |
| ROCE | 26.1 | 13.6 | 5 of 26 | 84% |
| ROE | 21.4 | 10.9 | 6 of 23 | 77% |
| Debt / Equity | 0.0 | 0.0 | 10 of 23 | 59% |
| EBITDA margin | 27.9 | 22.3 | 8 of 23 | 68% |
| Revenue growth | (42.9) | 24.9 | 22 of 23 | 5% |
| Market cap | 1729 | 6504 | 22 of 26 | 16% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 27 Oct 2026 · Post-results investor call scheduled for 30 October 2026 | board shareholder meetings | low | — | — |
| 14 Oct 2026 · RTA certificate under SEBI Regulation 74(5) for Sep 2026 quarter | compliance | minimal | — | — |
| 8 Oct 2026 · Company clarifies no undisclosed info behind sharp price movement | regulatory legal | medium | — | — |
| 7 Oct 2026 · NSE seeks clarification on unusual share price movement | regulatory legal | low | — | — |
| 28 Sept 2026 · Trading window closed ahead of Q2 results declaration | compliance | minimal | — | — |
| 17 Sept 2026 · CRISIL reaffirms credit ratings; long-term outlook stays Positive | credit debt | medium | — | — |
| 15 Sept 2026 · Krishna Defence And Allied Industries Limited has informed the Exchange about Credit Rating | credit debt | medium | — | — |
| 26 Aug 2026 · KRISHNADEF wins DRISHTI Challenge for defence component manufacturing | business updates | high | — | — |
| 26 Aug 2026 · Krishna Defence wins Fastest Growing SME Award in Gujarat | business updates | medium | — | — |
| 17 Aug 2026 · Q1 FY27 Results: PAT up 33% YoY; revenue declines 15% | results | low | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.